Limited Partnerships Flashcards
1
Q
What makes up a limited partnership?
A
1 general partner
1 limited partner
(At least)
2
Q
How does an LP limit liability?
A
File an LP certificate with the state
With names of partnership and all general partners
3
Q
Who is liable in an LP?
A
GP is liable for all obligations
Has a right to control the business
4
Q
Is LP liable for debts and obligations of partnership?
A
NO! However will be liable via estoppel.
5
Q
Registered Limited Liability Partnerships
A
File statement of qualification
File annual reports
No partner liable for D&Os
CAN be sued for their own torts
